Administrators Executors, And
Publication 559ContentsSurvivors,Executors, andAdministratorsReminders . . . . . . . . . . . . . . . . . . . 2Cat. No. 15107UDepartmentof theTreasuryInternalRevenueServiceFor use in preparing2020 ReturnsIntroduction . . . . . . . . . . . . . . . . . . 2Personal Representative . . . . . . . . . . 3Duties . . . . . . . . . . . . . . . . . . . 3Fees Received . . . . . . . . . . . . . . 4Final Income Tax Return forDecedent—Form 1040 or1040-SR . . . . . . . . . . . . .Name, Address, and Signature .When and Where To File . . . .Filing Requirements . . . . . . .Income To Include . . . . . . . .Deductions . . . . . . . . . . . .Credits, Other Taxes, PaymentsTax Forgiveness for ArmedForces Members, Victims ofTerrorism, and Astronauts . .Filing Reminders . . . . . . . . .4444567. 7. 9Other Tax Information . . . . . . .Tax Benefits for Survivors . . .Income in Respect of DecedentDeductions in Respect ofDecedent . . . . . . . . . .Estate Tax Deduction . . . . .Gifts, Insurance, Inheritances .Other Items of Income . . . . . 9. 9. 9.12121315Income Tax Return of an Estate—Form 1041 . . . . . . . . . . .Filing Requirements . . . . . .Income To Include . . . . . . .Exemption and Deductions . .Credits, Tax, and Payments . .Name, Address, and SignatureWhen and Where To File . . .15151617202020Distributions to Beneficiaries . .Currently Distributed Income .Other Amounts Distributed . .Discharge of a Legal ObligationCharacter of Distributions . . .How and When To Report . . .Bequest . . . . . . . . . . . . .Termination of Estate . . . . .2121212222222323Estate and Gift Taxes . . . . . . . . . . . 24Gift Tax . . . . . . . . . . . . . . . . . 25Estate Tax . . . . . . . . . . . . . . . . 26Comprehensive Example . . . . . . . . . 27Final Return for Decedent . . . . . . . 28Income Tax Return of an Estate . . . 28Table A. Checklist of Forms andDue Dates . . . . . . . . . . . . . . . 45Table B. Worksheet To ReconcileAmounts Reported in Name ofDecedent . . . . . . . . . . . . . . . . 46Get forms and other information faster and easier at: IRS.gov (English) IRS.gov/Spanish (Español) IRS.gov/Chinese (中文)Jan 26, 2021 IRS.gov/Korean (한국어) IRS.gov/Russian (Pусский) IRS.gov/Vietnamese (TiếngViệt)How To Get Tax HelpIndex. . . . . . . . . . . 47. . . . . . . . . . . . . . . . . . . . . 49
Future DevelopmentsFor the latest information about developmentsrelated to Pub. 559, such as legislation enactedafter it was published, go to IRS.gov/Pub 559.What’s NewExcess deductions on termination. UnderFinal Regulations - TD9918, each excess deduction on termination of an estate or trust retains its separate character as an amount allowed in arriving at adjusted gross income, anon-miscellaneous itemized deduction, or amiscellaneous itemized deduction. For more information, see the Instructions for Form 1041.Net operating loss (NOL) carryback. TheCoronavirus Aid, Relief, and Economic SecurityAct (CARES Act, P.L. 116-136) amended section 172 to allow a carryback of any net operating loss (NOL) arising in a tax year beginningafter 2017 and before 2021 to each of the 5 taxyears preceding the tax year of the NOL. Taxpayers may elect to waive the carryback periodfor NOLs arising in those years. For more information see Rev. Proc. 2020-24. If you incurredan NOL in a tax year beginning in 2018 or 2019,you can file an amended return to carryback theNOL. For more information, see Pub. 536, NetOperating Losses (NOLs) for Individuals, Estates, and Trusts.Business interest deduction. The businessinterest expense limitation of section 163(j) increased from 30% to 50% of adjustable taxableincome for tax year 2020, and retroactively for2019. Every taxpayer who deducts business interest is required to file Form 8990, Limitationon Business Interest Expense Under Section163(j), unless an exception for filing is met. Formore information, see Form 8990 and its instructions.Excess business loss limitation. The excessbusiness loss limitation of noncorporate taxpayers (Form 461) has been repealed for 2020,and retroactively for 2018 and 2019. If you fileda 2018 or 2019 return with the limitation, youcan file an amended return.RemindersMedical and dental expense deduction. Thethreshold for deducting medical and dental expenses remains at amounts exceeding 7.5% ofyour adjusted gross income (AGI). See the Instructions for Schedule A (Form 1040) for moreinformation.Deduction of taxes. The deduction for stateand local taxes is limited to 10,000. The deduction for foreign real property taxes is no longer allowed. See the Form 1040 and 1040-SRInstructions and Form 1041 Instructions formore information.Qualified business income deduction. Individuals, estates, and trusts may be entitled to adeduction of up to 20% of their qualified business income from a trade or business. For moreinformation, see section 199A and the Instructions for Forms 8995 or 8995-A.Page 2Consistent treatment of estate and trustitems. Beneficiaries must generally treat estateitems the same way on their individual returnsas they are treated on the estate's return.Consistent basis reporting between estateand person acquiring property from a decedent. Section 2004 of Public Law 114-41 hastwo major requirements.1. An executor of an estate (or other person)required to file an estate tax return afterJuly 31, 2015, must provide a Form 8971with attached Schedules A to the IRS, anda copy of the beneficiary's Schedule A toeach beneficiary who receives or is to receive property from the estate. TheSchedule A must show the final estate taxvalue of the property received or to be received by the beneficiary. An executor (orother person) who files an estate tax return only to make an election regarding thegeneration-skipping transfer tax or portability of the deceased spousal unused exclusion (DSUE) may not be required toprovide Form 8971 and Schedule A.2. If Part 2, column C of the Schedule A received by the beneficiary indicates that theproperty increases the estate tax liability,the beneficiary must use a basis consistent with the final estate tax value of theproperty to determine the beneficiary’s basis in that property. Calculate a basis consistent with the final estate tax value bystarting with the reported value and thenmaking any allowed adjustments.For more information, see the Instructionsfor Form 8971 and Schedule A and Column(e)—Cost or Other Basis in the Instructions forForm 8949.Photographs of missing children. The Internal Revenue Service is a proud partner with theNational Center for Missing & ExploitedChildren (NCMEC). Photographs of missingchildren selected by the Center may appear inthis publication on pages that would otherwisebe blank. You can help bring these childrenhome by looking at the photographs and calling1-800-THE-LOST (1-800-843-5678) if you recognize a child.IntroductionThis publication is designed to help those incharge (personal representatives) of the property (estate) of an individual who has died (decedent). It shows them how to complete and filefederal income tax returns and explains their responsibility to pay any taxes due on behalf ofthe decedent. A comprehensive example of thedecedent's final tax return, Form 1040, U.S. Individual Income Tax Return, and estate's income tax return, Form 1041, U.S. Income TaxReturn for Estates and Trusts, are included inthis publication.The publication also explains how muchmoney or property a taxpayer can give awayduring their lifetime or leave to their heirs at theirdeath before any tax will be owed. A discussionof Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return, and Form706, United States Estate (and Generation-Skipping Transfer) Tax Return, is included.Also included in this publication are the following items. A checklist of the forms you may need andtheir due dates. A worksheet to reconcile amounts reportedin the decedent's name on information returns including Forms W-2, Wage and TaxStatement; 1099-INT, Interest Income;1099-DIV, Dividends and Distributions;etc. The worksheet will help you correctlydetermine the income to report on the decedent's final return and on the return foreither the estate or a beneficiary.Comments and suggestions. We welcomeyour comments about this publication and yoursuggestions for future editions.You can send us comments throughIRS.gov/FormComments. Or you can write to:Internal Revenue Service, Tax Forms and Publications Division, 1111 Constitution Ave. NW,IR-6526, Washington, DC 20224.Although we can’t respond individually toeach comment received, we do appreciate yourfeedback and will consider your comments aswe revise our tax forms, instructions, and publications. Do not send tax questions, tax returns,or payments to the above address.Getting answers to your tax questions. Ifyou have a tax question not answered by thispublication, or the How To Get Tax Help at theend of this publication, go to the IRS InteractiveTax Assistant page at IRS.gov/help/ITA whereyou can find topics using the search feature orby viewing the categories listed.Ordering forms and publications. Go toIRS.gov/OrderForms to order current forms, instructions, and publications; call 800-829-3676to order prior-year forms and instructions. TheIRS will process your order for forms and publications as soon as possible. Do not resubmitrequests you’ve already sent us. You can getforms and publications faster online.Useful ItemsYou may want to see:Publication33Armed Forces' Tax GuideForm (and Instructions)SS-4 Application for EmployerIdentification NumberSS-456Notice Concerning FiduciaryRelationship561040 U.S. Individual Income Tax Return10401040–SR U.S. Tax Return for Seniors1040–SR1041 U.S. Income Tax Return for Estatesand Trusts1041706 United States Estate (andGeneration-Skipping Transfer) TaxReturn706709 United States Gift (andGeneration-Skipping Transfer) TaxReturn7091310 Statement of Person ClaimingRefund Due a Deceased Taxpayer1310Publication 559 (2020)
See How To Get Tax Help near the end of thispublication for information about getting publications and forms. Also near the end of thispublication is Table A, a checklist of forms andtheir due dates for the executor, administrator,or personal representative.Personal RepresentativeA personal representative of an estate is an executor, administrator, or anyone who is incharge of the decedent's property. Generally,an executor (or executrix) is named in a decedent's will to administer the estate and distributeproperties as the decedent has directed. An administrator (or administratrix) is usually appointed by the court if no will exists, if no executorwas named in the will, or if the named executorcan't or won't serve.In general, an executor and an administratorperform the same duties and have the same responsibilities.For estate tax purposes, if there is no executor or administrator appointed, qualified, andacting within the United States, the term “executor” includes anyone in actual or constructivepossession of any property of the decedent. Itincludes, among others, the decedent's agentsand representatives; safe-deposit companies,warehouse companies, and other custodians ofproperty in this country; brokers holding securities of the decedent as collateral; and the debtors of the decedent who are in this country.DutiesThe primary duties of a personal representativeare to collect all the decedent's assets, pay hisor her creditors, and distribute the remainingassets to the heirs or other beneficiaries.The personal representative must also perform the following duties. Apply for an employer identification number (EIN) for the estate. File all tax returns, including income, estate, and gift tax returns, when due. Pay the tax determined up to the date ofdischarge from duties.Other duties of the personal representative infederal tax matters are discussed in other sections of this publication. If any beneficiary is anonresident alien, see Pub. 515, Withholding ofTax on Nonresident Aliens and Foreign Entities,for information on the personal representative'sduties as a withholding agent.Penalty. There is a penalty for failure to filea tax return when due unless the failure is dueto reasonable cause. Reliance on an agent (attorney, accountant, etc.) isn't reasonable causefor late filing. It is the personal representative'sduty to file the returns for the decedent and theestate when due.Identification number. The first action youshould take if you are the personal representative for the decedent is to apply for an EIN forthe estate. You should apply for this number assoon as possible because you need to enter iton returns, statements, and other documentsyou file concerning the estate. You must alsoPublication 559 (2020)give the identification number to payers of interest and dividends and other payers who mustfile a return concerning the estate.You can get an EIN by applying online atIRS.gov/EIN. Generally, if you apply online, youwill receive your EIN immediately upon completing the application. You can also apply using Form SS-4, Application for Employer Identification Number. Generally, if you apply by mail,it takes about 4 weeks to get your EIN. yed/Employer-ID-Numbers-EINs for otherways to apply.Payers of interest and dividends reportamounts on Forms 1099 using the identificationnumber of the person to whom the account ispayable. After a decedent's death, Forms 1099must reflect the identification number (EIN,ITIN, or SSN) of the estate or beneficiary towhom the amounts are payable. As the personal representative handling the estate, youmust furnish this identification number to thepayer. For example, if interest is payable to theestate, the estate's EIN must be provided to thepayer and used to report the interest on Form1099-INT. If the interest is payable to a surviving joint owner, the survivor's identification number, such as an SSN or ITIN, must be providedto the payer and used to report the interest.If the estate or a survivor may receive interest or dividends after you inform the payer ofthe decedent's death, the payer should give you(or the survivor) a Form W-9, Request for Taxpayer Identification Number and Certification(or a similar substitute form). Complete thisform to inform the payer of the estate's (or ifcompleted by the survivor, the survivor's) identification number and return it to the payer.Don't use the deceased individual'sidentifying number to file an individualCAUTION income tax return after the decedent'sfinal tax return. Also don't use the decedent'sidentifying number to make estimated tax payments for a tax year after the year of death.!Penalty. If you don't include the EIN or thetaxpayer identification number of another person where it is required on a return, statement,or other document, you are liable for a penaltyfor each failure, unless you can show reasonable cause. You also are liable for a penalty ifyou don't give the taxpayer identification number of another person when required on a return, statement, or other document.Notice of fiduciary relationship. The term fiduciary means any person acting for anotherperson. It applies to persons who have positions of trust on behalf of others. It generally includes a guardian, trustee, executor, administrator, receiver, or conservator. A personalrepresentative for a decedent's estate is also afiduciary.Form 56. If you are appointed to act in a fiduciary capacity for another, you must file awritten notice with the IRS stating this. Form 56,Notice Concerning Fiduciary Relationship, isused for this purpose. See the Instructions forForm 56 for filing requirements and other information.File Form 56 as soon as all the necessaryinformation (including the EIN) is available. Itnotifies the IRS that you, as the fiduciary, areassuming the powers, rights, duties, and privileges of the decedent. The notice remains in effect until you notify the IRS (by filing anotherForm 56) that your fiduciary relationship withthe estate has terminated.Termination of fiduciary relationship.Form 56 should also be filed to notify the IRS ifyour fiduciary relationship is terminated or whena successor fiduciary is appointed if the estatehasn't been terminated. See Form 56 and its instructions for more information.At the time of termination of the fiduciary relationship, you may want to file Form 4810, Request for Prompt Assessment Under InternalRevenue Code Section 6501(d), and Form5495, Request for Discharge From Personal Liability Under Internal Revenue Code Section2204 or 6905, to wind up your duties as fiduciary. See below for a discussion of theseforms.Request for prompt assessment (charge) oftax. The IRS ordinarily has 3 years from thedate an income tax return is filed, or its duedate, whichever is later, to charge any additional tax due. However, as a personal representative, you may request a prompt assessment of tax after the return has been filed. Thisreduces the time for making the assessment to18 months from the date the written request forprompt assessment was received. This requestcan be made for any tax return (except the estate tax return) of the decedent or the decedent's estate. This may permit a quicker settlement of the tax liability of the estate and anearlier final distribution of the assets to the beneficiaries.Form 4810. Form 4810 can be used formaking this request. It must be filed separatelyfrom any other document.As the personal representative for the decedent's estate, you are responsible for any additional taxes that may be due. You can requestprompt assessment of any of the decedent'staxes (other than federal estate taxes) for anyyears for which the statutory period for assessment is open. This applies even though the returns were filed before the decedent's death.Failure to report income. If you or the decedent failed to report substantial amounts ofgross income (more than 25% of the gross income reported on the return) or filed a false orfraudulent return, your request for prompt assessment won't shorten the period during whichthe IRS may assess the additional tax. However, such a request may relieve you of personal liability for the tax if you didn't have knowledge of the unpaid tax.Request for discharge from personal liability for tax. An executor can make a request fordischarge from personal liability for a decedent's income, gift, and estate taxes. The request must be made after the returns for thosetaxes are filed. To make the request, file Form5495. For this purpose, an executor is an executor or administrator that is appointed, qualified,and acting within the United States.Within 9 months after receipt of the request,the IRS will notify the executor of the amount oftaxes due. If this amount is paid, the executorPage 3
will be discharged from personal liability for anyfuture deficiencies. If the IRS hasn't notified theexecutor, he or she will be discharged from personal liability at the end of the 9-month period.the return for that year was filed, the return forthe year just closed won't be the final return.The return for that year will be a regular returnand the personal representative must file it.Even if the executor is discharged frompersonal liability, the IRS will still beCAUTION able to assess tax deficiencies againstthe executor to the extent he or she still has anyof the decedent's property.Example. Samantha Smith died on March21, 2020, before filing her 2019 tax return. Herpersonal representative must file her 2019 return by April 15, 2020. Her final tax return covering the period from January 1, 2020, to March20, 2020, is due April 15, 2021.!Insolvent estate. Generally, if a decedent'sestate is insufficient to pay all the decedent'sdebts, the debts due to the United States mustbe paid first. Both the decedent's federal income tax liabilities at the time of death and theestate's income tax liability are debts
Department of the Treasury Internal Revenue Service Publication 559 Cat. No. 15107U Survivors, Executors, and Administrators For use in preparing 2020 Returns Get forms and other information faster and easier at: IRS.gov (English) IRS.gov/Spanish (Español) IRS.gov/Chinese (中文) IRS.gov/Korean (한국어) IRS.gov/Russian .
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